LiDAR stocks today rose on Reuters‘ Monday report that Apple was working towards the debut of an “Apple Car” in 2024. The report stated that Apple wants to build a self-driving personal passenger vehicle, and use outside partners for LiDAR (Light Detection and Ranging) sensors.
Apple is targeting 2024 to start production of a passenger vehicle that could include its own breakthrough battery technology, Reuters reported, citing “people familiar with the matter.”
Bill Peters for Investor’s Business Daily:
Lidar stocks like Velodyne (VLDR) and Luminar Technologies (LAZR) rallied Tuesday on a report that Apple (AAPL) could make a self-driving car by 2024, while Ouster said it would go public via a blank-check company.
The report did not say which lidar suppliers Apple might use. But it said the vehicle “might feature multiple lidar sensors for scanning different distances.” The car would also use a new “monocell” battery design that could radically cut battery costs while extending the vehicle’s driving range, Reuters said.
Among lidar stocks, Velodyne closed up 11% on the stock market today, halving earlier gains. Luminar climbed 6.3%, also off session highs. On Monday, Velodyne stock surged 23%. Luminar stock leapt 27%.
MacDailyNews Take: LiDAR stocks won’t be the only ones to get bumps as “Apple Car” news leaks over the next 3+ years.